Genesco's leading executives continued to trim their stakes in the company this week. On Tuesday and Wednesday, Chairman, President and CEO Bob Dennis sold $1.1 million worth of shares — a week after booking $2 million in profit on an options exercise — in a deal that still leaves him with about $16 million of Genesco stock. On the same days, CFO Jim Gulmi sold about 3 percent of his shares for roughly $320,000. Shares of Genesco (Ticker: GCO) are up slightly so far in 2014.
On a smaller scale, Clarcor director Philip Lochner on Wednesday exercised 7,500 stock options that would have expired in three years and then sold the resulting shares. His profit on the transactions was almost $190,000. Clarcor shares (Ticker: CLC) are down about 12 percent year to date.
These transactions were the latest in a series of noteworthy insider trades by local executives over the past few months. By our rough count, those deals have generated gains of about $35 million.
Steve Barbarick, executive vice president of merchandising at Tractor Supply, ended last week with a flourish when a stock trading plan he set up in February sold 9,200 of his shares in the farm and ranch retailer. Barbarick grossed more than $678,000 from the sale. Directly and indirectly, he still owns more than $2.2 million worth of Tractor Supply shares, which have fallen about 7 percent (Ticker: TSCO) so far in 2014.
SEE ALSO: Other notable recent insider trades
Jim Estepa, the head of Genesco Retail Group, last week trimmed his holdings in the retailer where he has worked for 29 years. The 62-year-old Estepa sold almost 15,000 Genesco shares for more than $1.1 million two days after his boss booked a profit of almost $2 million on the exercising of some options. Genesco shares (Ticker: GCO) rose almost 4 percent last week and crossed $80 for the first time ever.
It's time to add a few more names to the list of local public-company executives who have been taking profits in the past month. Most notable among the latest batch of trades is Genesco Chairman, President and CEO Bob Dennis, who on Monday exercised 40,000 options that would have expired this fall and then sold the resulting shares. His profit on the transactions was just short of $2 million.
Meanwhile, at Acadia Healthcare, CFO David Duckworth followed the lead of some of his colleagues by selling 7,500 shares late last week, trimming his holdings in the Franklin-based company to about 30,000 shares. His gain on the sales was almost $345,000.
And lastly, Corrections Corp. of America Chief Development Officer Anthony Grande exercised 15,000 options that would have expired in 2017 and 2018 and then sold the resulting shares. The take-home on those deals was $155,000.
By our count, the total profits booked by local execs on significant insider trades since the beginning of this year now stands at $13 million.
A trio of Acadia Healthcare insiders and one of Delek US Holdings' top executives last week joined other local insiders in booking some profits from their holdings.
Making the biggest move at Acadia Healthcare was director and Executive Vice Chairman Bruce Shear, who over the course of Wednesday, Thursday and Friday sold about 38,000 shares, grossing more than $1.7 million. COO Ron Fincher, meanwhile, unloaded almost 7,800 of his shares for more than $360,000. Fincher, who helped build Psychiatric Solutions before stepping into Acadia with CEO Joey Jacobs and a handful of other executives three years ago, still owns more than 123,000 Acadia shares. And finally, director William Grieco sold 5,000 shares over two days — he still owns more than 36,000 — and pocketed more than $230,000.
The Acadia insiders' sales come at the end of a month in which the shares (Ticker: ACHC) slid about 10 percent to about $46. But the 14 analysts following the Franklin-based company foresee them climbing back into the mid-$50s in the coming quarters.
Up Interstate 65 a few miles at Delek, CFO Assi Ginzburg trimmed his holdings in the oil refining and marketing company by almost a third on Friday. Ginzburg added $955,000 to his bank account balance after selling 31,000 shares of Delek, which has rebounded a bit of late (Ticker: DK) after sliding from $34 to below $27 in the first nine weeks of 2014.
With all the talk on TV and online about a potential market top, you can't really argue with executives and directors who think it's a good idea to cash in a few of their chips. That's what Pinnacle Financial Partners Chief Administrative Officer Hugh Queener and LifePoint Hospitals directors John Maupin and Marguerite Kondracke did this week. Queener sold more than $310,000 worth of his Pinnacle stock on Tuesday, a day before spending $175,000 to exercise a bunch of options that would have expired next month. Maupin and Kondracke, meanwhile, each pocketed more than $100,000 by selling 2,000 of their LifePoint shares. They both still own more than 20,000 shares of the Brentwood-based company.
Two senior officers of hospital giant HCA last week booked giant profits of more than $9 million on the exercising of some of their stock options. National Group President Chuck Hall, pictured here, accounted for the lion's share of that number. He exercised more than 185,000 options that would have expired between January 2015 and early 2017 and then sold the resulting shares for almost 10 times what the exercises cost him. His profits on the transactions topped $8.3 million. Treasurer David Anderson, meanwhile, exercised 30,000 options and sold the resulting shares for a gain of $1.1 million.
HCA shares (Ticker: HCA) were up almost 2 percent to $50.50 in early Wednesday trading and have climbed more than 10 percent in the past three months.
Tractor Supply executives took some profits off the table to finish 2013. On New Year's Eve, a trading plan for Executive Chairman Jim Wright sold about 35,000 shares, grossing more than $2.7 million. (Wright before Christmas also sold $2.9 million worth of stock.) On the same day, lead director Cynthia Jamison exercised 8,000 stock options she was granted in 2007 and then sold the resulting shares. Her profit on the transactions was more than $490,000.
It's been another bumper year for Tractor Supply shareholders — the stock (Ticker: TSCO) is up more than 70 percent in 2013 and more than 700 percent in five years — and three of the people who have helped make it happen last week booked more than $6 million of their paper gains.
Foremost among them is former CEO Jim Wright, who on Wednesday sold almost $2.9 million worth of shares — in addition to donating about $2 million to an unnamed charitable organization — but who still owns more than $20 million of Tractor Supply, either directly or indirectly. Two days later, a stock trading plan set up in November by CFO Tony Crudele exercised 30,000 options granted to him in 2011 and 2012 and then sold the resulting shares for a profit of almost $1.9 million. Similarly, Chief People Officer Kim Vella exercised and then sold almost 30,000 options through a trading plan to book a gain of more than $1.3 million.
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